ACC 421 WEEK 1 Paper US GAAP Versus IFRS
ACC 421 WEEK 1 Paper US GAAP Versus IFRS
Write a 1,050- to 1,400-word paper that addresses the following
scenario and questions:
Your aunt recently received the annual report for a company in
which she has invested. The report notes that the statements have been prepared
in accordance with “generally accepted accounting principles.” She has also
heard that certain terms have special meanings in accounting relative to
everyday use. She would like you to explain the meaning of terms she has come
across related to accounting.
- Go to the FASB website and
access the FASB Concepts Statements and use the IASB website to
respond to the following items. (Provide paragraph citations.) When you
have accessed the documents, you can use the search tool in your Internet
browser.
·
Explain how “materiality” is
defined by both FASB and IASB.
·
The concepts statements provide
several examples in which specific quantitative materiality guidelines are
provided to firms. Identity at least two of these examples. Do you think the
materiality guidelines should be quantified? Why or why not?
·
The concepts statements discuss
the concept of “articulation” between financial statement elements. Briefly
summarize the meaning of this term and how it relates to an entity’s financial
statements.
Click the Assignment Files tab to submit your assignment.
ACC 421 WEEK 1 Paper US GAAP Versus IFRS
ACC 421 WEEK 1 Paper US GAAP Versus IFRS
Write a 1,050- to 1,400-word paper that addresses the following
scenario and questions:
Your aunt recently received
the annual report for a company in which she has invested. The report notes
that the statements have been prepared in accordance with “generally accepted
accounting principles.” She has also heard that certain
terms have special meanings in accounting relative to everyday use. She would
like you to explain the meaning of terms she has come across related to
accounting.
- Go to the FASB website and
access the FASB Concepts Statements and use the IASB website to
respond to the following items. (Provide paragraph citations.) When you
have accessed the documents, you can use the search tool in your Internet
browser.
·
Explain how “materiality” is
defined by both FASB and IASB.
·
The concepts statements provide
several examples in which specific quantitative materiality guidelines are
provided to firms. Identity at least two of these examples. Do you think the
materiality guidelines should be quantified? Why or why not?
·
The concepts statements discuss
the concept of “articulation” between financial statement elements. Briefly
summarize the meaning of this term and how it relates to an entity’s financial
statements.
Click the Assignment Files tab to submit your assignment.
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